Financial Circles Are Also Seeing Wonderful Works. Rich Birds Can'T Repay Their Debts, But They Have To Pay Their Debts With Their Shoes.

In the memory of childhood in 80s, the rich bird is "the real leather shoes king of China"; after growing up, in the memory of 80 years, the bird of wealth will be a wonderful flower in the breach of the bond.

In the first half of 2018, the "14 riches and birds" and "16 riches and honour 01" went through substantive breach of contract, involving 2 billion 100 million yuan in principal.

The stock of fortune bird has been suspended since September 1, 2016 and is still suspended.

Just as people soon forget its existence, a common debt repayment plan has been circulated recently, so that Fu Fu bird again shocked the financial circle.

100 yuan bonds to repay 1.11 yuan cash +1.63 yuan coupons?

10 thousand yuan bond for a pair of shoes?

The analysis of the debt repayment ability of the fortune bird recently shows that under the assumption of liquidation, the repayment rate of ordinary debt is 2.5%.

In order to maximize the level of compensation for ordinary creditor's rights, according to the actual situation of rich birds, the adjustment of the ordinary creditor's rights in the reorganization process of Fu's bird shares is as follows:

A Monetary Fund Compensation

The monetary fund paid through reorganization is paid for. The total assets amount to 165 million yuan. After deducting the unpaid bankruptcy cost and the total interest debt, and paying off the amount of the property secured creditor's rights (or) and the employee's claims and tax claims, the remaining 41024479.42 yuan is used to settle the ordinary creditor's rights, and the normal creditor's rights remission rate is about 1.11%.

B shopping voucher payment

After refunding the debt of 60 million yuan, the restructured party delivered to the creditor the equivalent value of 60 million yuan for the equivalent shopping voucher which can be exchanged for the rich and precious birds' brand merchandise, which was used to settle the general debt and the average debt repayment rate was 1.6287%.

The creditor can obtain the voucher within 3 years, and the coupon can be purchased at the designated direct store on the basis of the face value of the coupon.

According to the price of Tmall's flagship store, the cheapest pair of shoes costs 149 yuan.

According to the above reimbursement scheme, at least 10 thousand of bonds must be held to buy a pair of sandals worth 149 yuan.

According to the announcement of Guotai Junan announced by the trustee of corporate bonds in May 14th, the manager has submitted the draft reorganization plan to the Quanzhou intermediate people's court, and will be able to count the results of creditors' voting in May 27th.

At the same time, in order to enable all creditors to understand the voting results of the reorganization plan and follow-up work arrangements and other related circumstances, the manager will be at 10:00 on the morning of May 28, 2019 at the two floor of Fu Fu bird Limited by Share Ltd staff canteen, 302 east section 87, Shishi, Fujian.

Stepping on the thunder fund loses everything

According to media reports, there are more than 200 creditors involved.

Among them, there are large amounts of Tianhong fund, Shen Wan Hongyuan, Chuang Jin and Shun fund, and first venture securities and China financial fund.

Celestica fund's Tianhong bond sunflower 2 asset management plan and Tianhong bond sunflower 11 asset management plan has 117 million yuan and 107 million yuan claims respectively, totaling 224 million yuan.

In accordance with the above compensation scheme, Celestica fund Tianhong fund 224 million yuan claims can get 2 million 494 thousand and 500 yuan +364.83 million equivalent shopping voucher.

And just interest, breach of contract, Celestica fund two products totals up to 14 million 77 thousand and 800 yuan.

Another big injured financial institution is Shen Wan Hongyuan. The data show that the total debt of Shen Wan Hongyuan is 160 million yuan.

In addition to Celestica fund and Shen Wan Hongyuan, China financial fund, CITIC investment fund and Chinese business fund will also suffer heavy losses.

Among them, a total of 6 products under the fusion fund were involved in thunder, involving more than 70 million yuan in total capital, and 8 products under the CITIC investment fund, which involved a total of nearly 100 million yuan of funds and 5 Chinese products under the Chinese business fund, involving more than 90 million yuan.

So the problem is! The voucher issued by the bond fund can only be allocated to the holder in proportion.

Fortune bird executives leave

The founder's children are unwilling to inherit.

Fu Gui bird, an old shoe giant, was founded in Shishi, Fujian in 1991. It is mainly engaged in R & D, production and sales of leather accessories, such as men's leather shoes, men's business casual wear and leather goods. In 2012, the company was once ranked among the third leading brands of business casual shoes products and the sixth largest brand shoes manufacturer.

In 2013, the company was listed on the Hongkong stock exchange.

Since 2015, the revenues and net profits of rich birds have continued to decline.

In the first half of 2017, the operation of the company deteriorated further, and its revenue was 412 million yuan, down 48.09% compared with the same period last year. Net profit was also changed from profit to loss, with a loss of 10 million 887 thousand and 200 yuan in the period.

At the same time, rich birds are still doubtful about inventory and accounts receivable confirmation.

At the end of 2017, the company checked the current accounts through inventory check and customers, and found that the actual inventory was about 200 million yuan less than the book inventory amount. It was found that nearly 200 million of the accounts receivable customers were not confirmed, and the recovery had greater uncertainty.

In addition, by the end of 2017, the trust fund of the company had not been recovered because of the default of the borrower by 200 million yuan.

Since the suspension in 2016, there have been a series of changes in the number of board members and senior executives of rich birds.

In October 6, 2016, Chen Weisheng resigned as secretary and authorized representative of the company, and Zheng Shaoquan, the successor, resigned 3 months later.

In March 2017, Chen Weisheng resigned as chief financial officer of the company.

In November 22, 2016, the bird issued a notice that the board of directors sent 5 shareholders in writing to request the board of directors to convene the general meeting of shareholders and to present a proposal to remove Chen Huamin and long Xiao Ning as an independent non-executive director at the meeting and recall the motion of KPMG CPA as the auditor of the company.

In April 11, 2017, KPMG announced that it had resigned as auditor since March 17, 2017.

In May 23, 2017, Fuli bird directly announced the suspension of the independent non-executive director, Chen Huamin. The company said that Chen Hua Min did not fulfil the reasonable prudence, skill and diligence that it should have as an independent non-executive director, and accused him of being unreasonably uncooperative, unable to provide any constructive information to support and confirm her views, and failed to show that she could make decisions in the objective and timely manner for the best interests of the rich birds.

Then, in June 14th, he issued a letter of resignation jointly with the company, and at the same time, he uncovered contradictions with the company about the disclosure of the financial and announcement, including the fact that the birds did not reply to the Hongkong stock exchange for factual information; the reasons for the company's delayed publication of the financial statements and resumption of cards; and the disagreement between the company's financial information and the mid term performance of 2016, and so on.

In June 25, 2017, Lin Guoqiang, the executive director of one of the founders, died of illness.

It is understood that in order to avoid the financial debt contract of Fu Fu bird, it guarantees 290 million yuan debt dispute, and its children give up the inheritance of their father's property.